The upward revision in growth rate follows agriculture ministry estimating a record foodgrain production of 203 million tonnes for 1998-99. The earlier GDP growth rate was based on a foodgrain production of about 195 million tonnes. The Central Statistical Organisation (CSO) said as per the revised estimates, agriculture, forestry and fishing sectors are expected to record a growth of 7.6 per cent instead of 5.3 per cent estimated earlier.

The GDP growth rate would have been even higher had it not been for downward revision in the estimates for most other sectors including mining, manufacturing, construction, trade, hotels, transport and communication and financing, insurance, real estate and business services.

The growth rate of mining sector during 1998-99 is now estimated at a negative 2.0 percent compared to 0.1 per cent earlier. Similarly, growth estimates of manufacturing sector has been revised downwards to 5.2 per cent from 5.7 per cent.

Meanwhile, according to CSO's advanced estimates for the fourth quarter of 1998-99, economy has shown an impressive 8.4 per cent growth during January-March compared to last year. According to CSO advanced estimates, agriculture sector recorded an impressive 13.7 per cent in the last quarter of 1998-99, while manufacturing sector grew at 5.5 per cent.

As per the revised estimates for 1998-99, the GDP at factor cost at constant (1993-94) prices stood at Rs 11,12,206 crore as against earlier estimate of Rs 11,09,983 crore. The national income at 1993-94 prices was revised to Rs 9,81,796 crore from earlier estimate of Rs 9,79,573 crore during 1998-99.

The per capita income in real terms at 1993-94 prices during 1998-99 is estimated to attain a level of Rs 10,070 as against earlier estimate of Rs 10,047. Compared to this, the quick estimates for the year1997-98 is Rs 9,660. The growth in the per capita income is estimated at 4.2 per cent during 1998-99 compared to previous year's estimate of three per cent, CSO said.

The per capita income at current prices during 1998-99 is estimated to attain a level of Rs 15,038 as compared to the quick estimates of Rs 13,913 for the year 1997-98. CSO, which is releasing the quarterly estimates for the first time, said the quarterly GDP estimates would henceforth be released on the last working day of each quarter.

Business confidence strong: CII

NEW DELHI: The Confederation of Indian Industry (CII) has said that business confidence continues to be strong despite the tensions at Kargil. In a press statement the chamber has stated that the industrial growth is looking up and corporate are upbeat. It added that the fundamentals are strong and is auguring well for the economy.

CII said that the industrial growth in April '99 has been 6.8 per cent as against 4.8 per cent in 1998 and 3.9 per cent in 1997. Thegrowth is particularly observed in the manufacturing sector which had received severe bashes in the last year. The chamber said that the growth in manufacturing sector is 7.8 per cent currently as against 4.9 and 3.8 per cent in 1998 and 1997.